Biden’s Digital Asset Accountability Innovation Executive Order Requires Multiple Agencies to Submit Relevant Feedback Reports by Sept. 5

According to the executive order signed by US President Biden on ensuring responsible innovation of digital assets, within 180 days (before September 5th) of the order, the Secretary of the Treasury, the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, The Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies shall submit to the President a report on the future of money and payment systems, including the conditions that will drive widespread adoption of digital assets, the extent to which technological innovations have influenced those outcomes, and Implications for the U.S. financial system, modernization and transformation of the payment system, economic growth, financial inclusion, and national security. In addition, within 180 days of the date of this order, the U.S. Secretary of Commerce shall, in consultation with the Secretary of State, the Secretary of the Treasury, and the heads of other relevant agencies, establish a framework to enhance the competitiveness of the U.S. economy in and to utilize digital asset technologies. In addition, the President is provided with an assessment by the Assistant to the President for National Security Affairs (APNSA) and the Assistant to the President for Economic Policy (APEP) as to whether legislation needs to be amended to issue a U.S. CBDC. In March, Biden signed an executive order on ensuring responsible innovation of digital assets, which formulated a national digital asset policy for six key priorities, namely: consumer and investor protection, financial stability, illegal financial activities, U.S. leadership in the global financial system and economic competition, financial inclusion, and responsible innovation.